Regulations & Policy: Page 77
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CFPB won't recommend OppFi enforcement action, lender says
OppFi disclosed the bureau's investigation into its Military Lending Act practices in March, ahead of a planned merger with a blank-check company.
By Dan Ennis • Aug. 31, 2021 -
Bank regulators issue guidance on partnering with fintechs
Banks should evaluate fintechs' business experience and qualifications, financial condition, legal and regulatory compliance, risk management and controls, information security and operational resilience, regulators said Friday.
By Anna Hrushka • Aug. 30, 2021 -
Explore the Trendline➔
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TrendlineTop 5 stories from Banking Dive
Since the approval of Capital One’s acquisition of Discover, banks have increasingly waded into new deals. Beyond that, they’ve doubled down on strategy, from organic growth to branch placement to app design.
By Banking Dive staff -
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SEC seeks public feedback on brokers' digital practices
At issue is whether in-app prompts or gamification strategies constitute investment advice. In a tweet, the agency's chairman compares such practices to streaming service recommendations that shape viewer algorithms.
By Dan Ennis • Aug. 30, 2021 -
Jeff Swensen via Getty Images
PNC increasing minimum hourly pay to $18
The $3-per-hour boost represents a 20% increase for legacy PNC employees, but is a bigger jump for BBVA USA staff joining PNC in October. Minimum hourly pay there is $11, according to The Associated Press.
By Robin Bradley • Aug. 30, 2021 -
Justin Sullivan / Staff via Getty Images
Bank of America execs Finucane, Montag to retire this year
The bank will roll out succession plans in the coming weeks to replace its chief ESG architect and COO. The moves may cement a new generation of leadership at the Charlotte, North Carolina-based lender.
By Dan Ennis • Aug. 27, 2021 -
:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
Goldman Sachs mandates vaccine for office-based employees by Sept. 7
Occupants of the banks' offices will also be required to wear masks, regardless of their vaccination status, beginning this week. The move comes a day after the FDA approved the Pfizer vaccine against COVID-19.
By Dan Ennis • Aug. 25, 2021 -
SBA forgiveness portal accepts more than 340K submissions, but many lenders opt out
More than 1,230 lenders, representing over half of outstanding loan forgiveness applications, have opted in to the SBA's direct borrower forgiveness portal. But 4,237 have opted to use their own internal portals.
By Anna Hrushka • Aug. 23, 2021 -
Spencer Platt via Getty Images
Outgoing NY governor signs bill to limit overdraft practices at state-chartered banks
The new law, which takes effect Jan. 1, comes as lawmakers and regulators are paying more attention to overdraft fees and the revenue they generated for banks amid the pandemic.
By Anna Hrushka • Aug. 20, 2021 -
Permission granted by Piermont Bank
Piermont Bank leans on its flexibility amid COVID-19 resurgence
The 2-year-old bank enacted a hybrid work schedule, and CEO Wendy Cai-Lee says Piermont's smaller size is a big plus for enforcing its vaccine and mask policy.
By Robin Bradley • Aug. 18, 2021 -
PPP loans through fintechs much more likely to be suspicious, study finds
Fintech and traditional lenders both started the program with suspicious loan rates of around 10%, but fintechs' suspicious loan rates grew to 40% when PPP ended, University of Texas, Austin, researchers found.
By Anna Hrushka • Aug. 17, 2021 -
Drew Angerer via Getty Images
State Street to vacate NYC offices amid shift to hybrid work
The bank's pivot comes as firms across the country are reevaluating office-return timelines or adopting permanent hybrid solutions.
By Anna Hrushka • Aug. 16, 2021 -
Justin Sullivan / Staff via Getty Images
Bank of America to bump pay for junior bankers for the second time in a year
The raises, which take effect in February, boost compensation from $95,000 to $100,000 to match competitors such as Wells Fargo, Citi, Morgan Stanley and JPMorgan Chase.
By Robin Bradley • Aug. 16, 2021 -
2 regulators see change at the top
The superintendent of New York's Department of Financial Services is resigning amid the Cuomo scandal. Meanwhile, President Biden is said to tap the CFTC's interim chief to lead the agency permanently.
By Dan Ennis • Aug. 16, 2021 -
Bipartisan bill would expand SBA loan program to include fintech lenders
"You shouldn’t need a big bank to get an SBA loan," said Sen. John Hickenlooper, D-CO, who introduced the legislation alongside Sen. Tim Scott, R-SC, on Wednesday.
By Anna Hrushka • Aug. 13, 2021 -
Memphis-based Orion Federal Credit Union to buy Financial Federal Bank
The deal, which would nearly double the $1 billion-asset Orion Federal’s size, is the seventh such deal involving a credit union purchasing a bank to be announced this year.
By Anna Hrushka • Aug. 12, 2021 -
Chip Somodevilla via Getty Images
Big bank, merchant groups weigh in on Fed rule clarification
Bank and merchant trade groups weighed in on the Fed's debit rule clarification at the 11th hour, digging in their heels in a long-time battle over whether to ease merchant access to increased debit transaction networks.
By Lynne Marek • Aug. 12, 2021 -
Capital One delays office return, requires vaccines for on-campus employees
CEO Richard Fairbank said the bank is allowing employees who are unvaccinated to work remotely throughout its reopening period, which it said will extend through at least the first quarter of 2022.
By Anna Hrushka • Aug. 12, 2021 -
Permission granted by Revolut
Revolut readies for US growth with marketing push, product expansions
Since launching quietly stateside last year, the fintech has rolled out a small-business banking product, applied for a bank charter, and has begun offering remittances between the U.S. and Mexico.
By Anna Hrushka • Aug. 11, 2021 -
Justin Sullivan via Getty Images
Citi requires vaccines for employees returning to offices
The bank is not extending the vaccine mandate to branch workers, according to the bank's head of HR, but will "strongly encourage them to get vaccinated and will require rapid testing and wearing of masks for all colleagues."
By Robin Bradley • Aug. 11, 2021 -
Permission granted by Office of the Comptroller of the Currency
Circle seeks national charter to start digital currency bank
Circle co-founder and CEO Jeremy Allaire said the company intends to operate under the supervision and risk management requirements of the Fed, Treasury, the OCC and the FDIC.
By Anna Hrushka • Aug. 9, 2021 -
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Ex-OCC chief Brooks resigns as Binance.US CEO
The former regulator, who had led the company just three months, cited "differences in strategic direction" in a Twitter post. Binance faces scrutiny from several U.S. bodies, including the CFTC, Justice Department and IRS.
By Robin Bradley • Aug. 9, 2021 -
Steve Jennings via Getty Images
Brex withdraws ILC, deposit insurance applications
The San Francisco-based fintech, which filed the applications in February, said it will "modify and strengthen" its applications and plans to resubmit at a later date.
By Anna Hrushka • Aug. 9, 2021 -
Banks delay return to office as delta variant surges
Wells Fargo, Truist and U.S. Bank pushed back their timelines for large-scale in-office work as a rising form of COVID-19 proliferates. Goldman Sachs, JPMorgan Chase and others, meanwhile, are sticking to their plans.
By Robin Bradley • Updated Sept. 29, 2021 -
Permission granted by Alliant
Overdraft alternativesDigital-only credit union latest institution to scrap overdraft fees
Alliant’s move follows a similar one made by Ally Bank in June, and comes as a growing number of financial institutions are revamping their overdraft policies amid pushback from Democratic lawmakers.
By Anna Hrushka • Aug. 5, 2021 -
Retrieved from Senate Banking Committee.
Overdraft alternativesOCC conducting review of overdraft policies, acting comptroller says
Acting Comptroller Michael Hsu's remarks come as more banks are revamping their overdraft policies and as Democrats are calling for legislation that would rein in the practice.
By Anna Hrushka • Aug. 4, 2021
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